A four-year 6% coupon rate payable semi-annually $100 par value Treasury inflation-protected security (TIPS) is selling at $110. The annual inflation rate (semi-annually compounded) starts at 1.5% today, which is expected to drop (on an annualized basis) by 15 basis points (bps) for each period over the next two years and then to rise (again on an annualized basis) by 25 bps for each period in the final two years of the TIPS maturity. Each period is of six months. What is the YTM on this TIPS? Hint: use the IRR function on a financial calculator or Solver in Excel.